Space Technology Market Research Report - Global Forecast till 2030

Space Technology Market Information By Subsystem (Orbit, Launch Platform, Launch Vehicle, and Payload), By End-Use (Civil, Commercial, and Military), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)—Forecast till 2030

ID: MRFR/A&D/6925-HCR | February 2023 | Region: Global | 133 Pages         

Space Technology Market Speak to Analyst Request a Free Sample

Space Technology Market

Space Technology Market Size Valued at USD 520 Billion, market Grow at a CAGR Of 6.7% by 2020 -2030

Segmentation
By Subsystem Orbit Launch Platform Launch Vehicle Payload
By End-Use Civil Commercial Military
Key Players
Companies Profiled   Ball Corporation (US)    Intelsat (Luxembourg)    Airbus SAS (Netherlands)    Boeing (US)    IAI (Israel)    Lockheed Martin Corporation (US)    Eutelsat Communications SA (France)    Northrop Grumman Corporation (US)    Space Exploration Technologies Corp. (US)    Space Systems/Loral    LLC (US)    Thales Group (France)    SES SA (Luxembourg)    Viasat Inc. (US)    Safran (France)    Leonardo SpA (Italy)    General Electric (US)    Honeywell International Inc. (US)    United Technologies Corporation (US)    Teledyne Technologies Incorporated (US)    Transdigm Group Inc. (US)    NEC Corporation (Japan)
Drivers
Market Driving Forces   Growing concems relating to space debrts    high cost related to research and development
Request a Free Sample

Global Space Technology Market Research (MRFR Insights)


The  space technology market size is projected to register a CAGR of 6.70% from 2022 to 2030. The market's expansion is mostly attributable to advances in the production and deployment of satellites. Additional causes include the rising popularity of space farming and the creation of space hotels. Additionally, it is anticipated that the development of small satellites like microsatellites, nanosatellites, and CubeSats would accelerate the market's expansion in the upcoming years. Military forces' increasing demand for satellites has increased market growth over the assessment timeframe, which is likely to be a contributing factor. Furthermore, the massive investments made in the development of next-generation satellite systems by nations like the US, China, Russia, and the European Union, as well as the widespread procurement of such systems by nations like Saudi Arabia, India, Japan, and South Korea, are expected to drive demand for nano-satellites and reusable launch vehicle systems. The US is the domain's biggest spender, with China, the European Union, India, Russia, Japan, and South Korea expected to make up the majority of spending.


The number of partnerships between government and private space agencies, contracts, and sub-contracts - including procurement of various ancillary parts and small equipment, software development, and robotic devices - has increased recently. Private companies are also increasingly involved in the space exploration sector. Plans for the colonization of the moon and Mars, respectively, have been announced by businesses like Amazon and SpaceX. The ongoing pursuit of space tourism is anticipated to increase spacecraft production and manufacturing shortly, lowering the cost of space flights. All these factors are anticipated to drive the growth of the  space technology market over the forecast period.


COVID-19 Impact Analysis


The COVID-19 pandemic considerably impacted the space industry, particularly in the satellite launch, manned spacecraft, launch vehicle domains, and post-launch services sectors. The slowdown in major firms' operations has significantly impacted the market for new launches. Oxygen shipments for COVID patients also interfered with the planned launch of the Landsat 9 satellite, a joint project of NASA and the US Geological Survey. The Defense Advanced Research Project Agency's (DARPA) Blackjack mission, intended to test a new military communications network in Low-Earth Orbit, may not launch as planned in 2022 due to a shortage of microchips and other electrical components.


Space Technology Market Dynamics


The development of space hotels and the rising popularity of space farming are two factors. Additionally, it is anticipated that the market will expand in the upcoming years due to the increased development of small satellites, including microsatellites, nanosatellites, and CubeSats. Military forces' increased demand for satellites has boosted the market's expansion, which is expected to continue throughout the assessment period. On the other side, it is projected that the market's expansion will be hampered by the strict government regulations governing satellite production, high costs associated with R&D, and growing worries over space debris.


Market Drivers



  • Launching services demand will increase as the space program expands


Major nations have controlled the  reusable launch vehicle business by showcasing their space capabilities, and space exploration missions have drawn much interest. Additionally, the  market for spacecraft has grown due to R&D investments and expanding space. The  market for space missions is also expanding, stoking demand for reusable launch vehicles. Growing cooperation among international space institutions to integrate technology and investment is doing this. Government expenditures and the space budget may rise along with the number of space exploration missions.


Market Restraints:



  • Satellite launches will be hampered in the upcoming years by rising space debris


Space debris includes both natural meteoroids and man-made (artificial) orbital junk. While most man-made debris revolves around the Earth, meteoroids circle the sun. Orbital garbage is any object created by humans in orbit around the Earth but no longer serving a useful purpose. Debris includes abandoned launch vehicle stages, broken spacecraft, mission-related rubbish, and fragmentation debris. About 23,000 bits of space debris are present. This debris, which orbits the Earth and is bigger than a softball, can move at high to 17,500 mph. The speed is high enough to cause harm to a satellite or spacecraft from an orbital debris particle that is relatively modest in size.


Market Opportunities:



  • Increased joint ventures by major players to widen business and geographic reach


Leading Industry players typically use agreements, alliances, and joint ventures as their primary competitive tools in this market. For instance, SpaceX recently received a contract to use the Falcon 9 launch rocket to launch two satellites for Kazakhstan as part of a larger contract. Additionally, Lockheed Martin Corp. and The Boeing Company formed a joint venture to create United Launch Services, LLC. The actions of key companies increase the market share for space launch services ly to unprecedented heights. NASA, for instance, shortlisted 12 businesses in January 2022 for the Venture-Class Acquisition of Dedicated and Rideshare (VADR) missions.


Space Technology Market Segmentation


Subsystem Insights


The  space technology market segmentation, based on subsystem, is classified into orbit, launch platform, launch vehicle, and payload. The  space technology market growth was prominently high under the launch vehicle category in 2021. The segment's expansion is anticipated to be fueled by advances in satellite launch vehicles. For instance, a tiny satellite launch vehicle was created by the Indian Space Research Organization (ISRO) (SSLV). Multiple orbital drop-offs are supported by the vehicle, which has a payload capacity of 500 kg.


End-Use Insights


The  space technology market segmentation, based on end-use, is civil, commercial, and military. The commercial segment, which predominated the market in 2021, is anticipated to grow at the fastest rate throughout the forecast period due to an increase in the number of satellites being launched by businesses worldwide. For instance, SpaceX launched 60 Starlink satellites in May 2019 to provide  high-speed Internet connectivity. Also anticipated to fuel the segment's expansion is the expanding idea of space travel. 


Global Space Technology Market Share, by Region, 2021 (%)
Space Technology Market Share, by Region, 2021
Space Technology Market Overview, by Region


By region, the  space technology market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.


North America


In 2021, North America held a lion's market share with a USD 4.84 billion valuation. The government's funding allocation for space exploration operations and an increase in the number of different space missions are the causes of the expansion. Additionally, NASA will get USD 23 million from the US Congress for various space missions and operations for the fiscal year 2021. The market is also growing due to major industry players like United Launch Alliance, Blue Origin, Lockheed Martin, and SpaceX.


Asia-Pacific


A significant increase is projected in Asia-Pacific during the projection period. The expansion can be attributed to the region's growing need for space launches for satellite communications, telecommunications, and surveillance systems. The major market participants in the Asia-Pacific region, including China, India, and Japan, held most of the market shares.


Space Technology Market Competitive Landscape


In December 2020, A contract for two further second-generation cosmo-skymed satellites was inked by Telespazio and Thales Alenia Space. The two new Thales Alenia Space-built satellites would guarantee the completion of the SAR (Synthetic Aperture Radar) surveillance service constellation and its full operational capability.


In September 2019, To launch a new era in British commercial space exploration, Spacebit, a U.K.-based firm, struck an agreement with Astrobotic to start scientific and commercial lunar exploration with its first mission in 2021 aboard the Peregrine lunar lander.


Prominent players in the  space technology market research include Airbus SAS, Ball Corporation, Boeing,  Eutelsat Communications SA, General Electric, Honeywell International Inc., Intelsat, IAI, Leonardo SpA, Lockheed Martin Corporation,  NEC Corporation, Northrop Grumman Corporation, Safran, SES SA, Space Exploration Technologies Corp, Space Systems/Loral, LLC, Teledyne Technologies Incorporated, Thales Group, Transdigm Group, Inc., United Technologies Corporation, Viasat, Inc.


Scope of the  Space Technology Market Report


Subsystem outlook



  • Orbit

  • Launch Platform

  • Launch Vehicle

  • Payload


End-Use Outlook



  • Civil

  • Commercial

  • Military


Region Outlook



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Space Technology Market Forecast & Size:


To identify and estimate the market size for the  space technology market report segmented by type and distribution channel by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the  space technology market forecast between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges in the  space technology market growth


Market Influencing Factors:


To find out the factors which are affecting the  space technology market size among consumers


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Space technology providers

  • System providers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies

  • IT companies



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 520 Billion
  CAGR   6.7% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Subsystem and End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Ball Corporation (US), Intelsat (Luxembourg), Airbus SAS (Netherlands), Boeing (US), and IAI (Israel)
  Key Market Opportunities   Increased Joint Ventures by Major Players to Widen Business and Geographic Reach
  Key Market Drivers   Launching services demand will increase as the space program expands and the Development of space hotels


Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :

Global Space Technology Market is projected to register a moderate 6.7% CAGR in the forecast period.

The market is expected to register a CAGR of ~6.70% over the next 10 years, according to  space technology market research.

Asia-Pacific is expected to register the highest CAGR during 2022 - 2030

North America held the largest share in 2021

The market size is expected to be USD 520 Billion by 2030.

IAI (Israel), Lockheed Martin Corporation (US), Eutelsat Communications SA (France), Northrop Grumman Corporation (US), Space Exploration Technologies Corp. (US), and Space Systems/Loral are the major companies operating in the market.